Urgh. This should be better phrased. From the BoingBoing article: David Cameron says there should be no "means of communication" which "we cannot read" It's very specific to communication, and reading between the lines, messaging, as opposed to something like HTTP communication between a bank and a customer. Don't get me wrong, it's still incredibly stupid, but the government will be able to reply to this petition wi…
The problem with your interpretation is that bank communications are still a means of communication. So the vagueness of the law allows politicians to extend their requirements to any product they wish without exception. This isn't something I believe to be accidental either as terrorism laws are often written to be vague with the intent of common sense regulation - which often gets bypassed when a jobsworth believes…
I think it's reasonable to assume that the terms would be more explicitly defined in an actual law.